Binance’s peer-to-peer trading platform will delist the Chinese yuan (CNY) by the end of the year.
Binance took a decisive step to terminate any yuan trading pairs on its platform commencing from December 31. Last Wednesday, Oct, 13, the crypto exchange platform announced that it will terminate yuan trading from its peer-to-peer platform alongside other restrictions.
Binance also confirmed its decision to restrict access to its platform for China-based users. Accounts linked to the crypto exchange will be in a ‘withdrawal only’ mode that only allows users to perform withdrawals, redemptions, and closing of positions.
“Binance withdrew from the Chinese mainland market in 2017 and does not engage in exchange business in mainland China,” the announcement in Chinese reads.
Binance does not operate any exchange operation in China and has taken steps to prevent the registration of new accounts from China through geofencing. Houbi, another major crypto, has also announced that it will gradually retire existing Mainland China users on December 31.
Binance has always attached great importance to compliance obligations and has always strictly complied with the relevant requirements of local regulatory agencies.